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The Mortgage Processor Module complements Mark IV’s existing real property-secured processing capabilities with a strong mortgage origination tool set.

With the Mortgage Processor Module you have the power, within Mark IV, to easily handle purchase money, lot and refinance scenarios.  And, you’ll get additional tools, such as APR calculations, early disclosure documents and warning system for both HOEPA and HPML, for your home equity and other subsequent lien transactions.

Benefits

  • Defines unique closing cost template profiles for different real estate loan purposes and/or across different branches or regions to support charter banks and regionalized fee structures
     
  • Supports a fully compliant Good Faith Estimate (for 2010)

  • Supports Higher Priced Mortgage Loans (HPML) by automating the Average Prime Offer Rate (APOR) thresholds and enforces your HPML underwriting standards

  • Supports the Escrow requirements for high cost and higher priced loans

  • Produces a pre-filled Uniform Residential Loan Application (Fannie Mae Form 1003 / Freddie Mac Form 65)

  • Produces real-time Federal HOEPA Threshold Exceeded warnings and HOEPA rule alerts when the total finance charges and fees exceed HOEPA guidelines (Section 32 Disclosure produced) 

  • Includes data export that can be used in the completion of the HMDA LAR

  • Integrates access to statistical appraisal valuation data

  • Provides ability to request electronic flood certifications

  • Captures over 250 additional data fields and details required to complete a real estate loan


Details
  • Good Faith Estimate of Origination Costs (effective January 2010) and Truth-in-Lending Disclosure – The GFE and TIL are driven by institution-defined closing cost templates, which can be made unique to each branch, region and/or real estate purpose.  Within the template administration, authorized users can control fee calculations, determine APR requirements and designate the party responsible for each cost.  APR calculations, which are powered by Math Corp, are supported for Installment, Balloon, Interest Only and both fixed and adjustable rate loans.

    • Automated generation of the “Service Providers That the Borrower Can Shop For” form
    • Support for the trade-off table
    • Support for changed circumstances  
    • Workflow enforcement of RESPA early disclosure document delivery 
    • Workflow enforcement of loan closing based on the delivery of the TIL

  • Higher Priced Mortgage Loan (HPML) and Average Prime Offer Rate (APOR)
    • Automated retrieval of the weekly APOR rate tables
    • Enforcement of the HMPL Debt to Income Ratio 
    • Ability to identify mortgage related expenses in the underwriting process

  • January 2010 Compliant Uniform Residential Loan Application (URLA) – In addition to your built-in consumer loan application, Mark IV will populate and print the URLA in cases where the mortgage loan type is selected.  The application will include pre-populated credit bureau debts and have all updated verbiage as per federal guidelines implemented January 1, 2010.

  • HOEPA Regulation Z, Section 32 Mortgage Disclosure Form - Displays on the credit application when a HOEPA violation has occurred.

  • Triple-Merged Credit Reports – Merged and de-duplicated results are automatically populated into Mark IV’s debt reconciliation screen. In addition, you will have an easy-to-read and printable merged credit report.

  • HMDA LAR Data – Collect data necessary for reporting requirements and transition of encrypted HMDA LAR data to the Federal Reserve.

  • Analytics - Mortgage decisions can be automated using our multiple score evaluation logic in cases where dual or triple-merged reports are retrieved.

For more information, please click here to download our information sheet.

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